ECON 202: Economics Exam Trivia Quiz tests understanding of market dynamics like rent controls, price floors, and quotas. It assesses skills in analyzing economic graphs and tables, focusing on microeconomic principles and their real-world implications.
Shortage of the good at a price below the market equilibrium price.
Surplus of the good at a price above the market equilibrium price.
Shortage of the good at a price above the market equilibrium price.
Surplus of the good at a price below the market equilibrium price.
Rate this question:
$10
$5
$15
$20
Rate this question:
A + b + c
C + e
B + d + f
A
Rate this question:
$1,000.
$5,500.
$6,750.
$16,000.
Rate this question:
The elasticity of demand is 0.2 and the elasticity of supply is 2.1.
The elasticity of demand is 3.3 and the elasticity of supply is 2.1.
The elasticity of demand is 0.2 and the elasticity of supply is 0.5.
The elasticity of demand is 3.3 and the elasticity of supply is 0.5.
Rate this question:
Consumer surplus falls.
A deadweight loss is created.
Consumer surplus falls, producer surplus falls, and a deadweight loss is created.
Producer surplus falls.
Rate this question:
$7.50; $7,500
$10; $2,500
$5; $2,500
$6.50; $3,000.
Rate this question:
Tax equity.
Government revenue.
Tax fairness.
Tax efficiency.
Rate this question:
Result in either surpluses or shortages.
Always enhance the efficiency of the market.
Move the market toward its equilibrium quantity more quickly.
Often be seen as necessary to decrease the existence of black markets.
Rate this question:
Top.
Average.
Margin.
End.
Rate this question:
2
5
1
0
Rate this question:
Marginal benefits of an action to the marginal costs of that action.
Present value of an action to the net present value of that action.
Accounting profit of an action to the economic profit of that action.
Explicit costs of an action to the implicit costs of that action.
Rate this question:
Buy another ticket and attend the movie only if her marginal benefit of seeing the movie is more than $14.
Buy another ticket and attend the movie.
Look for the lost ticket.
Go home.
Rate this question:
There is a status quo bias.
People have unrealistic expectations about the future.
People engage in mental accounting.
Sunk costs are hard to ignore.
Rate this question:
People maximize utility.
People make decisions that appear to be irrational.
Firms maximize profit and minimize costs.
Markets usually behave in an efficient manner.
Rate this question:
Marginal utility; rise; marginal utility; fall
Marginal utility; rise; total utility; rise
Marginal utility; fall; marginal utility; rise
Total utility; fall; marginal utility; rise
Rate this question:
1/5
2
10
5
Rate this question:
Decrease his consumption of soft drinks, and his marginal utility per dollar spent on popcorn will be greater than it was initially.
Increase his consumption of soft drinks, and his marginal utility per dollar spent on popcorn will be greater than it was initially.
Increase his consumption of soft drinks, and his marginal utility per dollar spent on popcorn will be less than it was initially.
Decrease his consumption of soft drinks, and his marginal utility spent on popcorn will be less than it was initially.
Rate this question:
40
20
10
5
Rate this question:
Each additional unit of an input used will decrease output.
The firm is maximizing profit.
Each additional unit of an input used will increase output, but by smaller and smaller amounts.
Each additional unit of an input used will increase output by larger and larger amounts.
Rate this question:
Two
Eight
Seven
Six
Rate this question:
In a very expensive location.
At a loss.
In the long run.
In the short run.
Rate this question:
Marginal cost curve
Average variable cost curve
Average total cost curve
Average fixed cost curve
Rate this question:
Negatively sloped.
Vertical.
Positively sloped.
Horizontal.
Rate this question:
$82.50
$12.50
$50.00
$47.50
Negative.
Less than average total cost.
Greater than average total cost.
Equal to average total cost.
Rate this question:
Economies of scale.
Diseconomies of scale.
Variable returns to scale.
Constant returns to scale.
Rate this question:
Marginal.
Constant.
Fixed.
Variable.
Rate this question:
$8
$1,508
$1,492
$14.50
Rate this question:
Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
Wait!
Here's an interesting quiz for you.